A Reflection on 2022 and an Outlook for 2023: A New Year Letter from Justin
As we nearly enter into a new year, I am delighted to write this letter to our community with a heavy heart. 2022 marks the start of an exciting journey for us as we continue on our mission to build decentralized products and services that will revolutionize the world in the DeFi industry. Despite the many challenges posed by 2022, I am proud of all our team members who have worked tirelessly throughout the year to make sure that our project reaches its full potential in 2023. While the result was not the outcome we had hoped for, however, I believe it will create a strong foundation for the success of our project in the long run. Along this journey, our teams have achieved several major milestones which have brought us closer towards achieving our goal of creating innovative protocols to fill the gap in the market.
In the first quarter of 2022, we worked diligently to build an effective and efficient team that could meet our ever-changing needs. We took time to research, develop and test various options as well as working towards a successful mainnet release of DPTP. Despite initial challenges, this endeavor proved that it is possible to create a decentralized protocol on Ethereum Virtual Machine (EVM) Chain utilizing the orderbook mechanism. The mainnet release of DPTP was a major milestone in our progress; however, at the time, it did not achieve the desired success due to several underlying technical barriers.
In Q2 2022, we attempted to research and apply improvements to DPTP and DEX in order to reduce technical barriers. Our goal was to launch an improved version of the DEX orderbook that would outperform normal AMM decentralized exchanges. Unfortunately, due to technical barriers and user safety concerns related to market maker mechanisms, our efforts were unsuccessful and only one DEX could be issued for stable trading pairs (BUSD-USDT, USDC-BUSD, DAI-BUSD).
However, Position Exchange proved successful in producing a superior version of the DEX which could deliver very low slippage while using liquidity more effectively. It also enabled users to access the markets without relying on third-party services or centralized entities. Additionally, this improved version of the DEX provided increased security against malicious actors by maintaining complete trustlessness over its operations.
In Q2 2022, we also tried to research and apply many improvements to improve technical barriers of DPTP and DEX using orderbook. We have committed to launch an improved version of the DEX orderbook that outperforms the normal AMM decentralized exchanges. However, due to technical barriers, and user safety of the market maker mechanism, we were unable to launch a DEX version that met expectations. Only one DEX can be issued for stable trading. However, it has also proven that Position Exchange can produce a superior DEX version, can provide very low slippage, use liquidity very effectively, bring a lot of value to users. Additionally, we achieved a major milestone when we released the first version of our app onto the Google Play Store. This was a tremendous accomplishment, as it had taken months of hard work and dedication to reach this point.
In Q3 2022, the teams behind DPTP, DEX and mobile were working hard to address these core problems. To tackle the issues on the DEX side, engineers proposed a solution involving an advanced order matching system that was specifically designed for decentralized exchanges. They also theorized that it could potentially offer faster and more reliable trading experiences compared to traditional centralized systems.
On the DPTP side, they introduced a new feature called COIN-Margin in an attempt to bring derivative trading to users on the BNB chain. This allowed users to trade futures contracts of various coins without having to own it or other inherent risks associated with centralized exchanges. Unfortunately, due to some compatibility issues between different components within their system architecture, this feature was not able to reach its full potential. In addition, the DPTP development team has also successfully developed a lite version to make it easier to reach new users.
The mobile team, on the other hand, focused their efforts into rebuilding the core architecture. Through a combination of back-end and front-end development, they were able to create a better user experience and offer features such as in-app trading, account management, and notifications. Finally, they developed an iOS version of the mobile app which was released on the AppStore by Q4 2022.
In early Q3 2022, the DPTP team also released POSI Chain, a blockchain with fast transaction processing speed and very low fees. This was an essential improvement over their previous platform as it allowed users to enjoy faster transactions with lower costs. In addition, they also implemented various other features such as cross-chain bridges and decentralized governance.
The Q4 of 2020 was a quarter filled with expectations and successes. The DEX team worked hard to create an effective auto market maker mechanism that would combine the traditional AMM model. This allowed for users to get higher returns and more low fee transactions. The DPTP teams took it further by creating the Futures Bridge mechanism, which enabled users to have lower fees, and better stability when trading futures, as well as offering a better user experience overall. Further still, the frontend teams had to completely redesign their website in order to implement these changes and make them usable.
On the mobile side, new mechanisms were applied in order to provide improved performance while launching features such as Connect Wallet and Web App embedding. These innovative solutions allowed users to have more access to their funds and use the website in an easier manner. Finally, the last day of Q4 brings us to today. After months of hard work and dedication, we are proud to announce these new technologies and implementations that will soon be available for everyone. We are excited to see how our users will benefit from all these developments and look forward to their feedback.
In addition to those parts, the team has also successfully implemented many other parts such as P2P Bond, and Governance, and changed some parts of the website interface…
The development process for Position Exchange in 2022 was no easy feat. It took a lot of hard work, dedication, and collaboration from all the teams involved to make it a success. Every team member put in countless hours of effort to produce the best product possible. From long night shifts and days spent in the office to fix bugs, analyze data, develop new features and support the community everyone worked tirelessly to bring this vision into fruition.
It has taken us on an incredible journey full of ups and downs that made us stronger each step of the way. We had our hopes dashed, our expectations challenged and we eventually met our target. Our commitment never faltered as we pushed forward through challenging times and tough decisions.
At this moment of celebration, I want to take the time to recognize and thank everyone from the office team to the remote team (Admin, CS, Community) and who has contributed to Position Exchange. Without your dedication and drive, none of this would have been possible. Your contributions have made a lasting impact on our company, customers and community. Our success is attributed in part to each one of you.
As we look ahead to the new year, I am filled with optimism. Together we have laid the foundation for a better future and there is much more to come. We have set our sights high and are ready to take on the tasks that lie ahead of us.
Let’s bring in 2023 with a renewed sense of purpose, positivity, and excitement! Wishing everyone a happy, healthy and prosperous New Year!
Cheers to an amazing year and all that’s yet to come!
Happy New Year!